No matter what your business industry – health, active outdoor, hospitality – contract management is something most companies deal with, and it’s not always a walk in the park. Whether it is signing a new client or creating a partnership much energy goes into making it happen. For those in-charge of negotiating, delivering, and renewing company contracts, streamlining the processes can be an unimaginable task.
So, what happens once a contract is signed? Just because the agreement has been sealed, it doesn’t mean the job is done! So how do successful companies efficiently manage workloads and prepare for things like renewals? They head to the cloud.
“Bringing cloud-based automation on-board means companies can engage their own customised solutions, manage contracts across the board and integrate information into other processes,” says Saasam CEO, Heather McEwen.
Maintaining visibility in all areas of contract management is essential. Transparency and accountability is necessary to order to maintain sound customer relationships, meet compliance standards and to keep businesses moving forward.
If you manage several new contracts each year, deal with contracts signed by multiple departments, have contracts signed in different offices, or don’t know where all your contracts are – cloud-based contract management is your solution, and it doesn’t mean overhauling your entire business operation.
“One of our clients Outpac Designs Limited – makers of anti-theft travel gear PacSafe, approached us as they needed to centrally manage a large number of global contracts and agreements across 15 different contract types – alongside tracking and reporting upon their extensive range of intellectual property, including trademarks, copyright and patents,” explains McEwen.
“To stay ahead of the game Pacsafe utilised our specialist Agiloft technology to integrate contract information into its existing business processes.”
As a result, Pacsafe’s legal team can now easily link contracts with related sub-contracts and variations, link partners and suppliers, tasks, obligations and products.
Improved approvals – implement automatic notifications and one-click email approvals to keep things running smoothly.
Axe the filing cabinet – create a centralised contract library at your fingertips, with instant full text and document search.
Real-time reporting – automatic alerts keep you updated on renewals and budget reports and forecasting provides insight into contract costs, revenue and renewals.
Audit assistance – automatic documentation and audit trails means audit and compliance requirements are meet.
Stay on-track – automatically track and report upon a range of intellectual property.
Good relations – a streamlined contract management affords businesses more time to foster great relationships with clients, supplier and partners.
To read more about Saasam’s award-winning Agiloft contract management system click here.